WESTGATE MARKET INVESTMENT OPPORTUNITY 113,080 GLA RETAIL DEVELOPMENT | WICHITA, KANSAS
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WESTGATE MARKET INVESTMENT OPPORTUNITY 113,080 GLA │ RETAIL DEVELOPMENT | WICHITA, KANSAS
INVESTMENT SUMMARY INVESTMENT HIGHLIGHTS
Year Built 1986 • 100% leased
GLA 113,080 • Prime location.
Westgate Market
Current Tenants 3 • High traffic count
Daytime Parking 450 • Excellent access to / from I-35 and I-235
Traffic Count 89,500 • Strong trade areas with high economic characteristics
Net Operating Income $588,904 • On Wichita’s major east/west commercial corridor
Cap Rate 8.0% • Great Tenant Credit
THE INVESTMENT
The subject offering consists of a 113,080 gross leasable area retail center in Wichita. Located on the northwest corner of West
Kellogg Avenue and Dugan Road. Dugan Road is an exit off of Kellogg. The site boasts a traffic count of just under 90,000
average vehicles per day.
Westgate Market
The shopping center is easily accessible and a highly visible location. With adjacent access to Interstate 235 and Interstate 35, a
major transportation route extending from Minnesota to Texas, the highway system serves much of the Sedgwick County and
Wichita MSA. The shopping center, due to its adjacency to the Interstates, provides easy access and pull from a large system of
local trade areas.
The anchor tenant, Burlington Coat Factory, has been in it’s premises since 1992 and the store boasts the highest sales in the
region. Burlington Coat Factory just exercised it’s first option which expires May 31, 2017. Mattress Hub is a local mattress store
that now has 10 locations across the state of Kansas. Mattress Hub has a 15-year term that commenced June 1, 2011. Office
Depot subleases 27,000 square feet from Burlington Coat Factory. The sublessor is making a $5.50 per square foot (approx.)
spread on the sublease. Great opportunity for buyer to buy out sublease from sublessor and acquire that additional income; or
continue to cash flow and acquire scheduled rent increases over time.
Given the desirability of the trade area demographics, location, and market characteristics to the surrounding community, the
shopping center provides a sizable development in a highly sought after and visible location.
TENANTS:
THE CITY OF WICHITA, KANSAS
NEIGHBORHOOD
Westgate Market
The City of Wichita is the largest city in state of Kansas at 382,368 residents according to the 2010 U.S. Census Bureau. Due to
nationally acclaimed schools, healthcare, quiet neighborhoods, and affordable housing options, Wichita was ranked 9th of the 10
best U.S. big cities in which to live, by Money Magazine. In 2008, MSN Real Estate ranked Wichita #1 of most affordable cities.
In conjunction with a high quality of life, Wichita’s economy has grown immensely since being nicknamed the Air Capital of the
World in the early 20th century. Spirit AeroSystems, Bombardier Learjet, Cessna, Hawker Beechcraft are based in Wichita. Airbus
and Boeing also maintain a large work force for the area. Other sizable employers include Koch Industries, Cargill, and Coleman
Company.
THE CITY OF WICHITA, KANSAS
Household Composition
DEMOGRAPHICS (Within a 5 mile radius of site) (Within a 5 Mile radius of site)
Westgate Market
Median Age: 32.4
Households: 66,776
Median Home Value: $97,269
Median Household Income $55,185
Population Growth Since 2000 5.0%
RADIUS MAP
Westgate Market
1 mile
2 mile
3 mile
Westgate Market
SITE AERIALCONTACT INFORMATION
MERRILL COMPANIES, LLC
6240 West 135th Street Fred C. Merrill Fred L. Merrill, Jr.
Westgate Market
Overland Park, KS 66223 Assistant Vice President President
P 913.338.3800 Merrill Companies, LLC Merrill Companies, LLC
F 913.647.5120 fredc@merrillcompanies.com fred@merrillcompanies.com
merrillcompanies.com
Prospective buyers will be invited to review the information within and submit purchase proposals for the review of ownership.
Proposals should include, price, terms, contingencies, qualifications of the purchaser and any other relevant information
requested. Purchasers are encouraged after signing confidentiality statements to review pertinent information concerning
Westgate Market at Merrill Companies, LLC main office located at:
6240 West 135th Street
Overland Park, Kansas 66223
DISCLAIMER: The material in this document is confidential, furnished solely for the purpose of considering the acquisition of Westgate Market in Wichita, Kansas. The
information is not to be used for any other purpose or to be made available to any other person without the express written consent of Merrill Companies, LLC. The material
is based, in part, upon information supplied by represented owners, and upon local government documentation. No warranty or representation, expressed or implied, is
made by Merrill Companies, LLC or its represented owners or any of their respective related agents or entities as to the accuracy or completeness of the information
contained herein. Prospective buyers should make their own investigations, projections and conclusions regarding Westgate Market, and are encouraged to seek further
documentation at the Merrill Companies, LLC main office, as stated in Executive Summary. It is expected that prospective investors will conduct their own independent due
diligence concerning Westgate Market, including such engineering and environmental inspections as they deem necessary to determine the condition of Westgate Market
and the existence of absence of any potentially hazardous materials used in the construction or maintenance of the development.You can also read
